Oil markets cautious as OPEC cuts are met by rising United States output

Crude oil is extracted from the Monterey Shale formation near Bakersfield California

Both benchmarks early in the previous week hit highs last seen in 2015, but traders said the market had lost some momentum since then.

The less-than-bullish forecast for Canadian oil and gas, means the IEA has cut the country's investment spend in the country to US$1.08 trillion in 2040 (from US$1.68 trillion in its forecast last year) - part of a global cut in investment projections. "This is a continuation of the strong demand growth we are seeing in our short term oil market analysis", the report said.

Under the IEA's New Policies Scenario, based on existing legislation and announced policy intentions relative to emissions and climate change, the oil price should continue to rise toward $83 a barrel by the mid-2020s.

IEA said it had cut its longer-term oil price projections from previous year, partly because of the falling cost of both renewable and conventional sources of energy, the worldwide push to tackle climate change and improve air quality and the boom in USA shale oil and gas output.

The International Energy Agency said the oil industry's hopes for a higher, stable crude prices trading between $50 to $60 a barrel could be dashed soon if the supply disruptions and geopolitical tensions pushing prices upward prove temporary.

The U.S. government said on Monday U.S. shale production in December would rise for a 12th consecutive month, increasing by 80,000 bpd.

A cooling Chinese economy also stoked some concerns about demand, although so far the country's refiners are processing crude oil near record levels of 11.89 million bpd.

FBI Statistics Show Hate Crimes Rise in Minnesota in 2016
The FBI further said hate crimes remain the number one priority for their civil rights unit. There is more of a focused effort on reporting these crimes in today's political climate.

The IEA estimates that there will be 50 million electric vehicles (EVs) on the road by 2025 and 300 million by 2040, from closer to 2 million now.

The largest disruptive force to supply will be shale production in the United States - the IEA estimates USA crude oil will reach peak output in the 2020s of around 17m bpd.

Some analysts even predict that with oil demand declining as EVs set to replace conventional fuel vehicles, oil price could plunge to as low as $10 a barrel over the next six to eight years.

"Prices ... are starting to look like a pause or pullback is needed", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The global energy markets are in the midst of "extraordinary times", writes Fatih Birol, executive director at the International Energy Agency in its annual World Energy Outlook, launched in Paris on Tuesday.

Overall global energy needs are seen rising more slowly than in the past, but are still projected to expand by 30 per cent between today and 2040.

Related news:

Hot News

isis-killer-beheading-video-story-top Sergio Aguero Reportedly Fainted in Argentina Locker Room, Underwent Examination
Nov 15, 2017 - 00:21
The Argentine Football Association said on its Twitter account that the Manchester City forward "had a blackout and was taken (to hospital) so routine examinations were made only as a precaution".

isis-killer-beheading-video-story-top Russia Tried to Pass off a Video Game as Combat Footage
Nov 15, 2017 - 00:21
Russia , which entered the conflict in late 2015 on the side of Bashar al-Assad's government, has long accused the west of backing extremist groups in Syria.

isis-killer-beheading-video-story-top Hasbro Bids to Purchase Mattel
Nov 14, 2017 - 00:23
Shares of Mattel , Inc. are presently 40.20% off the 52 week low. (NASDAQ:MAT) are scrambling higher in today's trading session. Shares of Mattel , Inc. (NASDAQ: MAT ) by 58.2% during the third quarter, according to its most recent filing with the SEC.

isis-killer-beheading-video-story-top Outbreak of Legionnaires sickens 12 in California, including 9 at Disneyland
Nov 13, 2017 - 00:21
The towers were chemically treated to combat the problem, and there is no ongoing threat to guests' health, the Register reports. The patients, ranging in age from 52 to 94, lived or had spent time in Anaheim, and nine had visited Disneyland in September.

isis-killer-beheading-video-story-top Taylor Swift Has Performed Her 'Reputation' Songs Live For The First Time
Nov 13, 2017 - 00:21
Hettiger's champion effort even reached the eyes of Taylor Swift herself, who seemed to appreciate her Style. Opening day sales data has arrived for Taylor Swift's " reputation ", and it is unsurprisingly massive.

isis-killer-beheading-video-story-top Loftus-Cheek eyeing World Cup
Nov 12, 2017 - 00:23
He made some fine saves between the sticks, though he got social media talking following his pin-point distribution. The 20-year-old has previously played for the Under-16s through to the Under-21s.

isis-killer-beheading-video-story-top TMNT Joins The Injustice 2 Roster
Nov 12, 2017 - 00:20
Atom will be available for early access on December 12th before being joined by Enchantress in January and the TMNT in February. Interactive Entertainment and DC Entertainment today officially announced the details for Fighter Pack 3 for Injustice 2 .

isis-killer-beheading-video-story-top Auto rams into students in France; 3 hurt
Nov 11, 2017 - 00:21
The 28-year-old driver of the auto , who was known to police for committing minor offences, has reportedly been detained. A 23-year-old woman was the most seriously injured following the incident outside a college.

isis-killer-beheading-video-story-top Syria not invited to Paris climate talks despite joining
Nov 09, 2017 - 00:27
Syria was the last United Nations member state not to have signed the accord after Nicaragua did so last month. The UN is hosting the COP23 climate change conference this week in Bonn, Germany.

isis-killer-beheading-video-story-top Apple orders Witherspoon, Aniston drama in TV push
Nov 09, 2017 - 00:23
Neither show has a premiere date, and it's yet to be seen how Apple's original programming will be available for customers to stream.

isis-killer-beheading-video-story-top Ex-news reader says Spacey assaulted son
Nov 09, 2017 - 00:23
After the story and further allegations broke, Netflix announced it planned to end House of Cards after its next season. Representatives for Spacey did not immediately return PEOPLE's request for comment in regards to Unruh's allegations.

isis-killer-beheading-video-story-top Vikings could place Sam Bradford on Injured Reserve
Nov 09, 2017 - 00:23
With Bradford on IR, the Vikings now have three active quarterbacks in Bridgewater, interim starter Case Keenum and Kyle Sloter . He tore his ACL and suffered a dislocated knee in a gruesome practice injury before the 2016 season.

isis-killer-beheading-video-story-top Flight Diverted When Wife Uncovers Husband's Affair
Nov 08, 2017 - 00:21
The family had boarded the plane at Doha and did not have an Indian visa and were therefore kept in the detention centre. The commotion on the Bali to Doha flight started after she found incriminating information on his phone while he slept.

isis-killer-beheading-video-story-top Koenigsegg beats Bugatti to title of world's fastest vehicle
Nov 08, 2017 - 00:18
The world of cars has a new top trump after the Koenigsegg Agera RS smashed the record for the world's fastest production auto . The test was carried out on an 11-mile stretch of road between Las Vegas and Pahrhump, that had been closed to the public.

isis-killer-beheading-video-story-top Took a lot of time to sign `Padmavati, reveals Ranveer Singh
Nov 07, 2017 - 00:19
Deepika also wanted to celebrate the fact that her song Ghoomar from Padmavati has been garnering praises from all over. She was finishing some patchwork but he asked her to attend the event and complete her shoot after that.